Every
activity that constitutes business in the Nigerian economy has specific sectors
in which it finds relevance and belongs. The economy is divided into three
sectors viz; the Primary sector, the Secondary sector and the Tertiary sector.
activity that constitutes business in the Nigerian economy has specific sectors
in which it finds relevance and belongs. The economy is divided into three
sectors viz; the Primary sector, the Secondary sector and the Tertiary sector.
Primary Sector
This
is the fundamental or basic sector of the economy and it is fundamental to all
other sectors of the economy, as it constitutes a major supplier of units. It
comprises of activities that are dependent on raw materials directly from the
physical environment and God given natural resources. Activities of business
classified under this primary sector include:
is the fundamental or basic sector of the economy and it is fundamental to all
other sectors of the economy, as it constitutes a major supplier of units. It
comprises of activities that are dependent on raw materials directly from the
physical environment and God given natural resources. Activities of business
classified under this primary sector include:
1.
Agricultural raw materials and produce
Agricultural raw materials and produce
2.
Livestock/ animal husbandry
Livestock/ animal husbandry
3.
Forestry
Forestry
4.
Fishing
Fishing
5.
Mining and quarrying, coal, crude petroleum extraction and precious
metals etc
Mining and quarrying, coal, crude petroleum extraction and precious
metals etc
Secondary Sector
This sector is engaged in economic activities that
require further processing before they can be used. They have to be converted
to other state before they can be used and or have any meaningful economic
value. Thus value is added by transforming certain inputs to another state with
the addition of a couple of other inputs or just simply changing its form from
one state to another. They include:
require further processing before they can be used. They have to be converted
to other state before they can be used and or have any meaningful economic
value. Thus value is added by transforming certain inputs to another state with
the addition of a couple of other inputs or just simply changing its form from
one state to another. They include:
1.
Manufacturing organization
Manufacturing organization
2.
Building construction
Building construction
3.
Utilities
Utilities
4.
Transportation
Transportation
5.
Fabrication
Fabrication
6.
Weaving and dyeing
Weaving and dyeing
7.
Wholesaling and Retailing
Wholesaling and Retailing
Tertiary Sector
This sector has service delivery as its focal
points and consists of actors and players that offer services associated with
products and equipments as may be produced from the above two sectors. Service is
intangible but do create immense satisfaction. They include:
points and consists of actors and players that offer services associated with
products and equipments as may be produced from the above two sectors. Service is
intangible but do create immense satisfaction. They include:
1.
Banking
Banking
2.
Financial and insurance services
Financial and insurance services
3.
Hotel and catering services – Hospitality industry
Hotel and catering services – Hospitality industry
4.
Real Estate and business services
Real Estate and business services
5.
Producers of government services, agencies, academic institution etc
Producers of government services, agencies, academic institution etc
